The company also reported a slight fall in the net income of $10.5 million for the year ended December 31, 2007, compared to $10.8 million for the corresponding period in 2006.
Northfield Bancorp’s net interest income for the fourth quarter increased to $11.2 million in 2007, from $8.6 million for the same quarter in 2006, and increased to $36.9 million for the full year 2007, from $36.5 million for the prior year, as a result of the earnings on cash proceeds received from stock subscriptions.
The net interest margin increased to 3.17% for the fourth quarter, from 2.69% for the same prior-year period. The net interest margin increased to 2.87% for 2007, from 2.81% reported for the previous year.
John Alexander, chairman, president, and CEO of Northfield Bancorp, said: We are pleased with our financial performance in a very challenging business environment and we remain focused on the communities and the markets we serve, prudently working to increase our loans and deposits, maintaining operating expense efficiencies, and evaluating profitable alternatives for the investment of our capital.
